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was the chairman of the whole committee. we had an emergency briefing on may 4, asking bp to give us accurate information with regard to the flow rate into the gulf. the answer to that question, to a very large extent, determined what the response would be on an emergency basis, to deal with the impact of the spill in the gulf of mexico, the harm that it would do to the ocean, the harm that it would do to see life, the harm -- to sea life, the harm that it would do to all those employed in the gulf. it is now clear that bp was lying to congress. they were deliberately lowballing the number, because liability is directly tied to the number of barrels that flow into the ocean. if they are guilty of ordinary negligence, they would be charged with $1,100 per barrel. at 5,000 barrels per day, that is a far smaller fine and 50,000 or 60,000 barrels project -- smaller fine than 50,000 barrels or 60,000 barrels per day. the range of the fine can number from $5 billion to $21 billion. the motive for the law is very clear -- for the lie is very clear, to minimize the overall impact on bp and the other
substantial revenues. those in revenues me to come from those who can afford it -- the wealthiest among us. as demonstrated in his plan you heard him talk about during his campaign. the clinton error rates in place in the 1990's far from hindering economic growth or part of an economic approach past 1993 that led to the longest peacetime expansion in our lifetimes that led to the creation of more than 23 million jobs. it also led to the creation of thousands of millionaires to boot. there are different ways to approach this. the president will not sign a bill that extends the bush era tax cuts for the wealthiest americans. it is not good policy. >> even if the wealthiest and the pay more in taxes? >> you are dealing with hypothetical about plans that do not exist. the president will not sign a bill that extends tax cuts for the top 2%. he has lon supportg and proposed tax reform both individual and corporate. he believes that is important. he was clear during the campaign and has been clear in other thing we knowe about the clinton era rates for the top earners is that they were effective
will be forced to austerity. it will be pledged upon us. we ought to be doing that now before that happens rather than when somebody else is telling us what we are going to do. thank you. >> coming up next, attorney general holder releases the details of the $4.5 billion in the bp oil sediment. ed markey reacted to the settlement with bp. that is followed up by president obama touring a hurricane sandy damage in new york. in 2010, the deep water rights and rid explosion was the worst oil spill. -- rig explosion was the worst oil spill. there was a $4.5 billion settlement case. this briefing is half an hour. >> good afternoon. i'm here with the assistant attorney general from the justice department and the security and exchange commission of enforce. and head of deep water verizon task force and announcing the latest step forward in our ongoing efforts to achieve justice for those whose lives and livelihoods were impacted by the largest environmental disaster in the history of the united states. and to hold accountable those bore responsibility for this tragedy. today in united states state distri
Search Results 0 to 2 of about 3